FSV Payment Systems, a leading provider of network branded prepaid debit card products and processing services, today announced the launch of a savings account program that makes savings accounts available to all PaychekPLUS! and many retail reloadable cardholders.
Through partnerships with three of its issuing banks, FSV offers cardholders the opportunity to save for the future and for upcoming expenses while earning interest at competitive rates. Cardholders can open a free savings account online or by phone with as little as $10 and even use an auto-transfer feature to build savings automatically over time. These accounts are FDIC insured, and cardholders pay no monthly fees to maintain their savings accounts.
"Our paycard and retail partners are excited to have this benefit to offer their employees and customers," said Jonathan Palmer, FSV's president and chief executive officer. "Cardholders gain a smart way to save - whether it's to make sure they'll have funds from the first check of the month to help pay rent at the end of the month, or they plan to tuck away a little each payday for holiday gifts or a trip."
"With the addition of savings to the many services we already offer - like bill pay, a convenient line of credit, international money transfer, online account management and text alerts, it's like having a bank on a card," added Palmer.
FSV's general purpose reloadable cards provide branded cards that resellers, including financial service retailers, can customize to meet their own marketing needs and foster customer loyalty. Payroll cards allow FSV's clients to move to a paperless payroll and offer employees a convenient, efficient means to receive their pay through direct deposit instead of paper checks.